A valid case for covered bond harmonisation

The benefits of covered bond harmonisation far outweigh the costs, according to an independent report undertaken on behalf of the European Commission and published on Friday.

  • By Bill Thornhill
  • 19 May 2017

The independent report says “there is a valid case for a harmonised European Union legal regime for covered bonds”. A 1bp cost saving from harmonisation would roughly equate to €1.5bn for the €2.5tr market.

“This alone is I think sufficient justification for legislation,” said independent covered ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 HSBC 18,859.47 96 5.78%
2 UBS 17,096.63 103 5.24%
3 BNP Paribas 16,125.84 71 4.94%
4 Commerzbank Group 15,763.40 95 4.83%
5 LBBW 15,321.72 85 4.69%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jun 2017
1 Morgan Stanley 58,230.82 220 7.33%
2 Goldman Sachs 55,991.98 263 7.05%
3 Bank of America Merrill Lynch 50,362.34 188 6.34%
4 JPMorgan 49,807.13 231 6.27%
5 Citi 48,627.79 289 6.12%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 Citi 41,583.09 217 10.04%
2 Goldman Sachs 40,848.76 205 9.86%
3 Morgan Stanley 40,750.32 150 9.84%
4 JPMorgan 39,863.64 165 9.62%
5 Bank of America Merrill Lynch 36,689.19 149 8.86%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 LBBW 4,563.62 16 7.62%
2 SG Corporate & Investment Banking 4,463.41 18 7.46%
3 BNP Paribas 4,287.01 13 7.16%
4 Credit Agricole CIB 3,637.13 14 6.08%
5 Commerzbank Group 3,356.64 13 5.61%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 HSBC 6,023.46 22 12.66%
2 Barclays 5,139.18 16 10.80%
3 Credit Suisse 3,558.82 15 7.48%
4 BNP Paribas 3,205.75 15 6.74%
5 Goldman Sachs 2,888.75 19 6.07%